Choosing the right bank for you isn’t necessarily an easy task. Do you want to open a checking or a savings account? Do you want to have the option of going into a branch office when you really need help? Do you want a bank that offers checking and savings accounts? Would you like to invest in a CD or money market account with the same institution?
To help you choose the best bank for your needs, we here at Investor Junkie have published in-depth reviews of some of the biggest online banks out there. Our recommended bank is Ally Bank, but be sure to read all of the reviews do your due diligence. It offers fee-free checking accounts and has savings options. If you’re looking for certificates of deposit, Ally Bank offers a range of options. The company not only has a checking option but also provides investing options through its Robo advise platform. Here’s our complete list:
1. Lili Bank– For Freelancers
If you’re a freelancer and need a simple, easy-to-use banking service, Lili Bank could be a good solution. Aimed at freelancers and sole proprietors, Lili is a free service that offers tracked expenses, automatic savings buckets, and more.
You can create reports to track your spending and use those same reports to help you file your taxes. You can also create savings buckets for things like taxes, so you have the exact amount of taxes owed each quarter and are not scrambling to find extra money to pay Uncle Sam.
Best of all, Lili has no monthly fees or account minimums. The only fees are for using an out-of-network ATM or returned check, which is easy to avoid.
|Products Offered||Checking, Savings Buckets|
|Fees||Monthly fee: $0 Out-of-Network ATM: $2.50 ($5 for international ATMs) Returned Checks: $25|
|Free ATM Access||More than 38,000 MoneyPass ATMs|
2. Juno – For a Bonus Rate and Cash Back
Juno offers a low fee checking account with a 1.20% bonus rate, cash back, and no foreign transaction fees. With offices in Singapore, India and San Francisco, Juno could be the perfect bank for those who travel a lot or have family overseas.
While Juno just offers a checking account, the bonus rate offered makes it feel like a checking and savings account rolled into one. They offer two accounts: a basic account and a Metal Membership account. The basic account is free, but comes with less perks than the Metal account, which costs $9.99 a month.
You can get a 1.20% bonus rate on up to $5,000 for the basic account or $30,000 for the Metal account. And when you shop at participating retailers, you can get up to 5% cash back. Crypto fans will also be happy since you earn 3% APY on Bitcoin and Ethereum holdings and 6% APY on USDC.
|Bonus Rate||1.2% on eligible balances|
|Fees||Monthly Fee: $0- $9.99|
|Free ATM Access||85,000 Allpoint and MoneyPassATMs|
3. Novo — For Small Business
If you’re a small business owner or solopreneur, Novo offers online solutions that might appeal to you. Just for business checking accounts, this fintech company charges nearly no fees and will reimburse you for other banks’ ATM fees on an unlimited basis. As with a Chime® account, you won’t receive any paper checks, but Novo can cut and send a check to a designated payee.
Unfortunately, there’s no way to deposit cash, so if your business completes any cash transactions, you’ll need to find a different business account.
|Products Offered||Business checking|
|Fees||Monthly Fee: $0 Overdraft: $27|
|Free ATM Access||Unlimited ATM fee reimbursements|
4. LendingClub Bank — Cashback and High-Yield Savings Accounts
LendingClub Bank is another online-only bank that pays cashback to customers. To receive 1% back on all purchases made with your debit card, you must maintain an average balance of at least $2,500 or receive at least $2,500 in direct deposits each month. That’s easy enough to do if you get direct deposits from your employer.
LendingClub also offers tiered high-yield savings accounts that pay up to nearly 20 times the national average. ATM users, listen up: LendingClub Bank grants you access to more than 325,000 fee-free ATMs. But if you use an out-of-network machine, not only will LendingClub not charge you a fee, but it will give you unlimited reimbursements for the other guys’ fees. As with Capital One 360, you can make cash deposits at some LendingClub bank-affiliated ATMs.
|Products Offered||Rewards checking, savings, CDs|
|Checking Rewards||1% cash back if you meet balance requirement|
|Fees||Monthly Fee: $0 Overdraft: $25|
|Free ATM Access||More than 325,000 NYCE, SUM, and MoneyPass ATMs|
5. Ally Bank
Currently, Ally Bank ranks high as our recommended online bank. It offers an interest-paying checking account, provides friendly customer service 7 days a week from 7 am to 10 pm (Eastern Time), and charges zero maintenance fees.
Ally Bank is a subsidiary of Ally Financial, a huge firm that actually traces its roots back nearly 100 years. It’s the sister company of online brokerage Ally Invest, which we here at Investor Junkie have also rated highly.
Along with checking accounts, Ally offers savings accounts and certificates of deposit (CDs). So, you can take advantage of several different banking options to keep your money safe and grow it too.
Ally Bank’s checking account offers the following features:
- A debit MasterCard
- Free use of any Allpoint ATM
- Reimbursement of up to $10 per statement cycle for fees charged by out-of-network ATMs in the U.S.
- eCheck Deposit
- Online Bill Pay
Plus, you’ll earn interest, too. Accounts with minimum daily balances above $15,000 earn 0.60% APY, while lesser balances earn 0.10%. We’ve seen savings accounts with lower APYs.
But maybe the best thing about Ally Bank checking accounts is that there are no maintenance fees. So you don’t have to worry about meeting a list of criteria to keep your money there for free.
Ally Bank’s checking accounts are suitable for just about everyone, from college students to retirees.
|Products Offered||Interest checking, savings, money markets, CDs|
|Fees||Monthly Fee: $0 Overdraft: $25|
|Free ATM Access||More than 40,000 Allpoint ATMs|
6. Capital One 360
Capital One 360 has branches in some states, but anyone in the U.S. can use it as an online-only bank. It offers great interest rates and charges no recurring fees. Plus, Capital One 360 gives you flexibility in deciding how overdrafts are handled to avoid fees. Capital One 360 is also one of the rare online banks that allow you to deposit cash using an ATM. So if you get paid largely with greenbacks, this could be a great choice for you.
If you’ve traveled abroad, you likely know how painful transaction fees can be when you want to use your U.S. debit card. Heck, you may even have been charged exorbitant fees just for buying something from an international retailer online while sitting in your own living room!
Capital One 360’s popular checking account is well known for its low fees. But you may not know that your 360 account grants you free access to your money abroad. There are no transaction fees when you use your debit card for a purchase in a foreign currency, and you won’t be charged for using an ATM outside the U.S. (however, the owner of the ATM may still charge a fee). 360 checking account holders can also receive free wire transfers from anywhere in the world.
|Capital One 360||Features|
|Products Offered||Interest checking, savings, CDs|
|Fees||Monthly Fee: $0 Overdraft: $0|
|Free ATM Access||39,000 Capital One and Allpoint ATMs|
Chime is a financial app that offers interest-paying Spending (checking) and Savings accounts. Although Spending accounts don’t offer paper checks, there is an option to have Chime® cut and set a paper check to a specified recipient. You’ll also receive a free Chime Visa® Credit Card that you can use fee-free at nearly 60,000 MoneyPass and Visa Plus Alliance ATMs.
|Products Offered||Checking, savings|
|Fees||Monthly Fee: $0 Overdraft: $0|
|Free ATM Access||More than 60,000 MoneyPass and Visa Plus Alliance ATMs|